All Forum Posts by: Richard Sherman

@Kyle Reed Hopefully you have a good deposit  You need to check the laws for your state to make sure but you should be able to consider it abandoned and take possession..change the locks, document what was left and check on the rules for what you have to do (in my state if it is under $500 then take it to the dump or donate it etc, but CHECK YOUR STATE LAWS

Write out damages and accounting against deposit and keep records, text them a picture of it and save that message thread!

@Account Closed If you live in one unit then you can do 3.5% FHA (I think it is 3.5, maybe 3) but if you DO NOT live in it then it is an investment loan and it is 20 or 25% down. So she may not have lied just might have assumed you were living there.

@Brandon Cormier awesome man, then yeah, go for the house (apartment) hack. 3.5% down FHA...live in it for 2+ years then do another and bam...you own 8 units...welcome to the wonderful world of real estate...that is how we started and now are a little more than 100 units (south of Portland OR which is CRAZY town for prices..haha)

Maybe some auto moonlighting is in your future for more income?

@Joe Splitrock 100% agreed!  Put the ball in their court it is the right (moral) thing to do to protect people and it is the proper LEGAL thing to do from a liability standpoint.

@Jason Woods Woo hoo man!  Way to crush it!!  I had a buddy buy a house hack in Kirkland in 2011 and he is LAUGHING now...haha

@Allen Lopez Run it until it dies or becomes noticeable...some might not agree with that, but I want to get all the life I can out of everything that I can where it is not causing an immediate issue...this frees up cash for preventative maintenance and repairs.  You could get 2 months you could get 5 years.  The longer it runs the more of the repair the renters have paid for.

@Mark Simpson I am not a plumber but have had several of these installed.  Price looks reasonable..question though is why put in front of the meter?  Is there not a place AFTER the meter that would be easier to install without excavation..at least where I am the water company does NOT like you playing with anything in front of the meter.

@Brandon Cormier Good work so far!  Your mind is in the right place.  QUESTION:  Are you now mature enough to not get back into the consumer debt? (harsh I know, but this is truth..)  If you are, then go for house hack (I would) but you better NEVER do consumer debt again..you are a farmer and dollars are your seed....consumer debt, new cars and consumption is eating your seed...STOP THAT :)

Try to get as many units as you can i.e. SFH < Duplex < TriPlex< Quadplex . Getting a Quad/fourplex still gets the same loans as a SFH and you can still house hack your unit too plus rent the other 3! KEEP IT UP BUDDY!

@Sarah B. while your attorney is at it for the renter, have him fire off a demand letter to animal control, the county (I am assuming it is county, if not then City) manager, probably copy the DA and local police demanding that they handle this and holding them responsible for future issues with the dog of which you have notified them....that should light the proper fire.... we did something similar for a neighbors dog at one of our properties that bit a child from our property.  Attorney letters are a GREAT weapon...usually not more than a couple hundred bucks.

@Ryland Boswell certainly worth talking to a lender.  I would try to get one local to the market you are buying in and you can overcome the no experience question by making sure to get a good local property manager, you then benefit from their experience.  #1 important is the property and its numbers (debt service ratio etc) then it is your strength as a borrower (income etc)..if the property numbers are good and you have professional (quality..not always the same thing) that you will use then you should be able to find lenders.  In many ways commercial loans are easier than residential loans, especially once you are established.